Going Concern

JANUARY 13, 2023

Of the six 2021 PCAOB inspection reports released before the holidays, we ’ve so far taken a look at five: PwC , Deloitte , EY, KPMG , and BDO USA. Seven of the 31 audits we reviewed in 2021 are included in Part I.A The last of the bunch belongs to Grant Thornton. We didn’t save the best for last, but it’s not that bad either.

audit 105

audit auditor Real Estate financial statements 105

Going Concern

DECEMBER 30, 2022

Next up on the PCAOB ’s hit list is EY, whose 2021 inspection report was released on Dec. Our reviews were performed to gain a timely understanding of emerging financial reporting and auditing risks associated with issuers that were formed by mergers between non-public operating companies and special purpose acquisition companies (SPACs).

audit 105

audit auditor Real Estate financial statements 105

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. You’ve been warned, auditors. ” And God forbid you people not file a Form 3 in a timely manner or YOU WILL BE PUNISHED.

auditor 118

auditor audit financial statements 118

Going Concern

JANUARY 6, 2023

In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. Sixteen of the 30 audits we reviewed in 2021 are included in Part I.A Of the seven audits of issuers in the financials sector, BDO botched five of them.

audit 98

audit Real Estate financial statements auditor 98

Going Concern

MARCH 24, 2023

EY, KPMG and the fallout of two accounting scandals [ Financial Times Opinion ] It is not just shareholders that have become ever more cautious in the wake of one of Europe’s largest accounting scandals. Auditors have done so too. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

auditor 105

auditor Entertainment audit Real Estate 105

Going Concern

JULY 31, 2023

The PCAOB’s new rules would widen auditors’ responsibility to scrutinise whether a company is complying with laws and regulations, and to communicate more of their concerns to a company’s board of directors. Such suggestions are false. In response, commissioner Hester Peirce tweeted (X’d?) and Congressman Jason Smith, R-Mo.,

auditor 98

auditor accounted Account accountant 98

Going Concern

JUNE 29, 2022

The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. of all IPOs in 2021 and nearly 83% of SPACs.

audit 105

audit auditor New York financial statements 105

Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion.

accounting principles 119

accounting principles auditor financial statements audit 119

CPA Practice

APRIL 7, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Auditors can do their work in as little as two or three hours, as opposed to the days or weeks they would typically spend auditing accounting by sifting through file cabinets and chasing paper.

accounting firms 139

accounting firms CPA Technology accounted 139

Going Concern

JULY 2, 2024

BDO racked up deficiencies for more than half of the audits inspected by the PCAOB for its 2021 inspection report. For the second straight inspection cycle, the PCAOB found significant mistakes in more BDO audits than ones without (16 out of 30 in 2021 and 13 out of 24 in 2020 ). As a result, BDO followed its 54.2% There’s more!

audit 115

audit auditor financial statements Construction 115

Going Concern

FEBRUARY 2, 2023

But that three-year streak of perfection came to an end, according to its recently released 2021 PCAOB inspection report. The firm messed up on one of its nine audits inspected, and it pertained to the financial statement audit only. You can peruse Cohen & Company’s 2021 PCAOB inspection report below.

auditor 58

auditor audit financial statements accounting firms 58

CPA Practice

APRIL 3, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Auditors can do their work in as little as two or three hours, as opposed to the days or weeks they would typically spend auditing accounting by sifting through file cabinets and chasing paper.

accounting firms 135

accounting firms CPA Technology accounted 135

Going Concern

JANUARY 4, 2023

The last of the 2021 Big 4 PCAOB inspection reports belongs to KPMG, which has had the highest audit deficiency rate of the four firms for six out of the previous seven years —the lone exception being 2019. Fourteen of the 54 audits we reviewed in 2021 are included in Part I.A The most common Part I.A

audit 109

audit Real Estate financial statements auditor 109

Going Concern

JANUARY 9, 2023

A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.

CPA 105

CPA auditor Tax accounted 105

ThomsonReuters

DECEMBER 6, 2022

Today, ESG is resulting in significant opportunities for auditors, fueled by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products. Other ESG matters may not have any material effect on the financial statements.

auditor 59

auditor accounted Account accountant 59

Going Concern

APRIL 30, 2024

Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)

auditor 110

auditor audit Legal financial statements 110

Going Concern

AUGUST 17, 2023

LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.”

audit 98

audit auditor financial statements accounted 98

Going Concern

NOVEMBER 24, 2023

EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”. For instance, from 2017 to 2021, accountants aged 25-29 had a median salary of $56,000, compared to financial analysts who earned around $74​,000.

auditor 115

auditor audit tax return cpas 115

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. The AICPA Statement on Auditing Standards (SAS) No. There was a need to strengthen the quality of employee benefit plan audits and enhance auditor reporting. The study found that 39% of employee benefit plan audits had one or more major deficiencies. What is Changing?

audit 84

audit auditor financial statements public accounting 84

Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

audit 117

audit financial statements auditor accounting and finance 117

Going Concern

SEPTEMBER 19, 2024

FTX hired both Armanino and Prager Metis to audit their 2020 and 2021 financial statements (a totally normal thing to do because who doesn’t love getting a train run on you by auditors) which suddenly put a spotlight on the metaverse’s first accounting firm. There’s a 3rd floor you can jetpack to!

accounting firms 110

accounting firms audit auditor accounted 110

CPA Practice

JULY 23, 2024

The proposed ASU is expected to (1) reduce the cost and complexity of evaluating whether these contracts are derivatives, (2) better portray the economics of those contracts in the financial statements, and (3) reduce diversity in practice resulting from changing interpretations of the existing guidance,” the FASB said.

accounted 122

accounted Account accountant accounting principles 122

Going Concern

JULY 26, 2023

Williams does not have severe audit firm-induced trichotillomania (to our knowledge) because here she is again warning auditors that the PCAOB is tired of them being so terrible at auditing. That is up 6 percentage points from 2021, which was 5 points higher than the deficiency rate in 2020. and non-U.S.

audit 98

audit auditor financial statements Start-ups 98

Going Concern

AUGUST 22, 2024

Said FT : The action against PwC comes after China’s securities regulator in March said Evergrande had inflated its mainland revenues by almost $80bn in the two years before the developer defaulted on its debts in 2021, despite PwC’s China unit giving the accounts a clean bill of health.

audit 105

audit auditor financial statements Legal 105

Going Concern

JANUARY 31, 2024

That’s not so terrible though, PwC has proven in recent years they are superior to all other auditors when it comes to avoiding deficiencies from the PCAOB — in 2020, PwC had a record-low 1.9% Global Network Firms will increase from approximately 20% of audits reviewed in 2021 to 30% in 2022.”

audit 118

audit auditor financial statements 118

CPA Practice

AUGUST 15, 2023

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.

audit 98

audit auditor accounting firms public accounting 98

Going Concern

JANUARY 25, 2023

Based on the 2021 PCAOB inspection reports we ’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. But during the most recent inspection cycle, RSM cut its deficiency rate by half, according to its 2021 auditing report card from the PCAOB. of the report, which discusses deficiencies (“Part I.A

audit 52

audit auditor financial statements accounted 52

Going Concern

MAY 5, 2022

On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. Bloomberg Tax wrote about the issue earlier this year citing the Great Resignation and a turnover rate double what it usually is as risks to financial statements themselves. The post Are Auditors Becoming as Hard to Find as a PS5?

auditor 52

auditor audit cpas CPA 52

ThomsonReuters

APRIL 30, 2024

Auditors rely on data review to ensure the reliability and integrity of financial statements. Auditors must ensure that financial statements are free from material misstatements and that all relevant information is included. It helps auditors identify errors, irregularities, and potential fraud.

auditor 52

auditor audit Technology financial statements 52

Going Concern

SEPTEMBER 29, 2023

” The updated version, issued on September 28th, removes problematic language which could be construed as indicating that internal auditors are not inherently trustworthy and unable to exercise due care in the performance of their duties.

auditor 110

auditor audit New York CPA 110

Going Concern

JUNE 23, 2023

Audit “When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement [ Lexology ] SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. 31 is still not finished.

cpa firm 105

cpa firm CPA auditor North Carolina 105

Going Concern

MAY 31, 2023

Discountenanced Credit Suisse stockholder Gregory Stevenson is suing 29 of Credit Suisse’s current and former directors and officers, the bank’s ex-auditor KPMG, and various KPMG henchmen on behalf of investors alleging the firm looked the other way while aforementioned directors and officers plundered the bank for more than a decade.

New York 110

New York audit Non-Profits auditor 110

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 105

CPA auditor Tax accounting and finance 105

Going Concern

JANUARY 16, 2023

FASB issued a series of tentative board decisions related to its project on the disaggregation of income statement expenses. Works 4 days a week now, but has put in his time as a sleepless auditor during busy season. Hit the six figure mark at 29, but realized money and career isn’t everything.

accounted 98

accounted Account accountant auditor 98

Going Concern

OCTOBER 17, 2022

EY’s Manchester office hired the most students of all EY’s UK offices; the Manchester office recruited 104 new students, the firm recruited a record 1,473 students into its UK business this year (up 35% compared to 2021).

Iowa 98

Iowa accounted Account accountant 98

Going Concern

MARCH 15, 2024

The NYT report’s focus was that private auditors from large firms failed and consistently missed child labor law violations. Auditors moved quickly and left before children arrived for overnight shifts, or they were not sent where minors worked.

auditor 115

auditor cpas Iowa audit 115

Going Concern

MARCH 8, 2024

Audit SEC Settlement Against Auditing Firm Serves as Reminder of Important Independence Rules [ JD Supra ] On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co.

audit 99

audit auditor New York Legal 99